Heat Exchangers Market Size, Share, Trends, Industry Analysis Report: By Product, Material, End Use, and Region

Description

List of Tables

The global heat exchangers market size is expected to reach USD 36.60 billion by 2034, according to a new study by Polaris Market Research. The report "Heat Exchangers Market Size, Share, Trends, Industry Analysis Report: By Product (Plate & Frame Heat Exchanger, Shell & Tube Heat Exchanger, Air-Cooled Heat Exchanger, and Others), Material, End Use, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

A heat exchanger primarily works on the principle of convection and conduction for making the transfer of thermal energy in the required processes. This industrial equipment is available in various types, such as shell & tube heat exchangers, plate & frame heat exchangers, and graphite heat exchangers. Each type of heat exchanger has its own set of advantages and disadvantages, and they are generally compared on the basis of purchase cost, installation cost, operating cost, and maintenance cost. Primary criteria for choosing a particular type of heat exchanger include operating pressure & temperature, application, available utilities, characteristics of the fluids, plot plan and layout constraints, considerations for future expansions, and mechanical considerations.

The rapid industrialization in emerging countries worldwide and the growing demand for heat pumps in major economies due to the limitations of conventional boiling systems are among the key factors driving the heat exchangers market growth. The rising focus on enhancing energy efficiency and reducing carbon emissions is another factor fueling the market expansion.

The growing emphasis on efficient thermal management across various end-use sectors, including HVAC and refrigeration, food & beverage, and power generation, is a key trend anticipated to drive heat exchangers market demand in the coming years. Increased demand for cost-effective, sustainable, and low-energy consumption heat exchangers is anticipated to offer lucrative growth opportunities for market participants during the forecast period.

Chemicals & petrochemicals is a significant application sector for heat exchangers. Despite being highly vulnerable to volatile prices of petroleum-based products & raw materials, the chemicals & petrochemicals industry has immense scope for industrial utilization of these equipment in refineries, acid-based plant processing, LNG plants, and end-use petrochemical products. Also, certain chemical streams, such as specialty chemicals, are driven by factors such as increased demand in end-use industries, including electronics, automotive, and construction. The demand is further fueled by rapid industrialization in Asia Pacific, fueled by economic growth and relatively low labor costs. All these factors boost the heat exchangers market growth.

Heat Exchangers Market Report Highlights

Based on product, the shell & tube heat exchanger segment accounted for the largest heat exchangers market share of 37.1%. The versatility and efficiency of shell & tube heat exchangers contribute to their dominant position in the market.

By end use, the chemical & petrochemical segment dominated the market with a revenue share of 24.5% in 2024. The booming petrochemical industry, driven by the increased demand for plastics, packaging, and medical equipment, fuels the high adoption of heat exchangers.

Europe dominated the heat exchangers market with a revenue share of 32.9% in 2024. Growing public and private sector investments in Europe have led to increased demand for heat exchangers in the refrigeration industry.

The Asia Pacific heat exchangers market is anticipated to witness a significant CAGR of 5.9% from 2025 to 2034. The presence of manufacturing, chemical, oil & gas, and petrochemical industries is among the major contributors to product demand in the region.

A few global key players in the market include Alfa Laval, Kelvion Holding GmbH, SPX Corporation, Xylem Inc., Danfoss A/S, API Heat Transfer Inc., Guntner GmbH, Hamon & Cie International, Hindustan Dorr-Oliver Ltd. and Hisaka Works, Ltd.

Polaris Market Research has segmented the heat exchangers market report on the basis of product, material, end use, and region:

By Product Outlook (Revenue - USD Billion, 2020-2034)

Plate & Frame Heat Exchanger
Brazed Plate & Frame Heat Exchanger
Gasketed Plate & Frame Heat Exchanger
Welded Plate & Frame Heat Exchanger
Others
Shell & Tube Heat Exchanger
Air-Cooled Heat Exchanger
Others

By Material Outlook (Revenue - USD Billion, 2020-2034)

Metals
Alloys
Others

By End Use Outlook (Revenue - USD Billion, 2020-2034)

Oil & Gas
Chemical & Petrochemical
HVAC & Refrigeration
Food & Beverage
Power Generation
Pulp & Paper
Others

By Regional Outlook (Revenue - USD Billion, 2020-2034)

North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Netherlands
Russia
Rest of Europe
Asia Pacific
China
Japan
India
Malaysia
South Korea
Indonesia
Australia
Rest of Asia Pacific
Middle East & Africa
Saudi Arabia
UAE
Israel
South Africa
Rest of the Middle East & Africa
Latin America
Mexico
Brazil
Argentina
Rest of Latin America

Product Code: PM1355

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Heat Exchangers Market Insights

4.1. Heat Exchangers Market - Market Snapshot
4.2. Heat Exchangers Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Rising Government Support and Initiatives
  - 4.2.1.2. Growing Demand for Heat Pumps
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. Fluctuations in Raw Material Prices
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry Among Existing Firms (High)
4.4. PESTEL Analysis
4.5. Heat Exchangers Market Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis

5. Global Heat Exchangers Market, by Product

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
5.3. Plate & Frame Heat Exchanger
- 5.3.1. Global Heat Exchangers Market, by Plate & Frame Heat Exchanger, by Region, 2020-2034 (USD Billion)
- 5.3.2. Brazed Plate & Frame Heat Exchanger
  - 5.3.2.1. Global Heat Exchangers Market, by Brazed Plate & Frame Heat Exchanger, by Region, 2020-2034 (USD Billion)
- 5.3.3. Gasketed Plate & Frame Heat Exchanger
  - 5.3.3.1. Global Heat Exchangers Market, by Gasketed Plate & Frame Heat Exchanger, by Region, 2020-2034 (USD Billion)
- 5.3.4. Welded Plate & Frame Heat Exchanger
  - 5.3.4.1. Global Heat Exchangers Market, by Welded Plate & Frame Heat Exchanger, by Region, 2020-2034 (USD Billion)
- 5.3.5. Others
  - 5.3.5.1. Global Heat Exchangers Market, by Others, by Region, 2020-2034 (USD Billion)
5.4. Shell & Tube Heat Exchanger
- 5.4.1. Global Heat Exchangers Market, by Shell & Tube Heat Exchanger, by Region, 2020-2034 (USD Billion)
5.5. Air-Cooled Heat Exchanger
- 5.5.1. Global Heat Exchangers Market, by Air-Cooled Heat Exchanger, by Region, 2020-2034 (USD Billion)
5.6. Others
- 5.6.1. Global Heat Exchangers Market, by Others, by Region, 2020-2034 (USD Billion)

6. Global Heat Exchangers Market, by Material

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
6.3. Metals
- 6.3.1. Global Heat Exchangers Market, by Metals, by Region, 2020-2034 (USD Billion)
6.4. Alloys
- 6.4.1. Global Heat Exchangers Market, by Alloys, by Region, 2020-2034 (USD Billion)
6.5. Others
- 6.5.1. Global Heat Exchangers Market, by Others, by Region, 2020-2034 (USD Billion)

7. Global Heat Exchangers Market, by End Use

7.1. Key Findings
7.2. Introduction
- 7.2.1. Global Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
7.3. Oil & Gas
- 7.3.1. Global Heat Exchangers Market, by Oil & Gas, by Region, 2020-2034 (USD Billion)
7.4. Chemical & Petrochemical
- 7.4.1. Global Heat Exchangers Market, by Chemical & Petrochemical, by Region, 2020-2034 (USD Billion)
7.5. HVAC & Refrigeration
- 7.5.1. Global Heat Exchangers Market, by HVAC & Refrigeration, by Region, 2020-2034 (USD Billion)
7.6. Food & Beverage
- 7.6.1. Global Heat Exchangers Market, by Food & Beverage, by Region, 2020-2034 (USD Billion)
7.7. Power Generation
- 7.7.1. Global Heat Exchangers Market, by Power Generation, by Region, 2020-2034 (USD Billion)
7.8. Pulp & Paper
- 7.8.1. Global Heat Exchangers Market, by Pulp & Paper, by Region, 2020-2034 (USD Billion)
7.9. Others
- 7.9.1. Global Heat Exchangers Market, by Others, by Region, 2020-2034 (USD Billion)

8. Global Heat Exchangers Market, by Geography

8.1. Key Findings
8.2. Introduction
- 8.2.1. Heat Exchangers Market Assessment, By Geography, 2020-2034 (USD Billion)
8.3. Heat Exchangers Market - North America
- 8.3.1. North America: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
- 8.3.2. North America: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
- 8.3.3. North America: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.3.4. Heat Exchangers Market - US
  - 8.3.4.1. US: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.3.4.2. US: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.3.4.3. US: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.3.5. Heat Exchangers Market - Canada
  - 8.3.5.1. Canada: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.3.5.2. Canada: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.3.5.3. Canada: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
8.4. Heat Exchangers Market - Europe
- 8.4.1. Europe: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
- 8.4.2. Europe: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
- 8.4.3. Europe: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.4.4. Heat Exchangers Market - UK
  - 8.4.4.1. UK: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.4.4.2. UK: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.4.4.3. UK: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.4.5. Heat Exchangers Market - France
  - 8.4.5.1. France: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.4.5.2. France: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.4.5.3. France: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.4.6. Heat Exchangers Market - Germany
  - 8.4.6.1. Germany: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.4.6.2. Germany: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.4.6.3. Germany: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.4.7. Heat Exchangers Market - Italy
  - 8.4.7.1. Italy: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.4.7.2. Italy: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.4.7.3. Italy: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.4.8. Heat Exchangers Market - Spain
  - 8.4.8.1. Spain: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.4.8.2. Spain: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.4.8.3. Spain: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.4.9. Heat Exchangers Market - Netherlands
  - 8.4.9.1. Netherlands: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.4.9.2. Netherlands: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.4.9.3. Netherlands: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.4.10. Heat Exchangers Market - Russia
  - 8.4.10.1. Russia: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.4.10.2. Russia: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.4.10.3. Russia: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.4.11. Heat Exchangers Market - Rest of Europe
  - 8.4.11.1. Rest of Europe: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.4.11.2. Rest of Europe: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.4.11.3. Rest of Europe: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
8.5. Heat Exchangers Market - Asia Pacific
- 8.5.1. Asia Pacific: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
- 8.5.2. Asia Pacific: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
- 8.5.3. Asia Pacific: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.5.4. Heat Exchangers Market - China
  - 8.5.4.1. China: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.5.4.2. China: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.5.4.3. China: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.5.5. Heat Exchangers Market - India
  - 8.5.5.1. India: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.5.5.2. India: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.5.5.3. India: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.5.6. Heat Exchangers Market - Malaysia
  - 8.5.6.1. Malaysia: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.5.6.2. Malaysia: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.5.6.3. Malaysia: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.5.7. Heat Exchangers Market - Japan
  - 8.5.7.1. Japan: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.5.7.2. Japan: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.5.7.3. Japan: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.5.8. Heat Exchangers Market - Indonesia
  - 8.5.8.1. Indonesia: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.5.8.2. Indonesia: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.5.8.3. Indonesia: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.5.9. Heat Exchangers Market - South Korea
  - 8.5.9.1. South Korea: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.5.9.2. South Korea: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.5.9.3. South Korea: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.5.10. Heat Exchangers Market - Australia
  - 8.5.10.1. Australia: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.5.10.2. Australia: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.5.10.3. Australia: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.5.11. Heat Exchangers Market - Rest of Asia Pacific
  - 8.5.11.1. Rest of Asia Pacific: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.5.11.2. Rest of Asia Pacific: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.5.11.3. Rest of Asia Pacific: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
8.6. Heat Exchangers Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
- 8.6.2. Middle East & Africa: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
- 8.6.3. Middle East & Africa: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.6.4. Heat Exchangers Market - Saudi Arabia
  - 8.6.4.1. Saudi Arabia: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.6.4.2. Saudi Arabia: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.6.4.3. Saudi Arabia: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.6.5. Heat Exchangers Market - UAE
  - 8.6.5.1. UAE: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.6.5.2. UAE: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.6.5.3. UAE: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.6.6. Heat Exchangers Market - Israel
  - 8.6.6.1. Israel: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.6.6.2. Israel: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.6.6.3. Israel: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.6.7. Heat Exchangers Market - South Africa
  - 8.6.7.1. South Africa: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.6.7.2. South Africa: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.6.7.3. South Africa: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.6.8. Heat Exchangers Market - Rest of Middle East & Africa
  - 8.6.8.1. Rest of Middle East & Africa: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.6.8.2. Rest of Middle East & Africa: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.6.8.3. Rest of Middle East & Africa: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
8.7. Heat Exchangers Market - Latin America
- 8.7.1. Latin America: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
- 8.7.2. Latin America: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
- 8.7.3. Latin America: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.7.4. Heat Exchangers Market - Mexico
  - 8.7.4.1. Mexico: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.7.4.2. Mexico: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.7.4.3. Mexico: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.7.5. Heat Exchangers Market - Brazil
  - 8.7.5.1. Brazil: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.7.5.2. Brazil: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.7.5.3. Brazil: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.7.6. Heat Exchangers Market - Argentina
  - 8.7.6.1. Argentina: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.7.6.2. Argentina: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.7.6.3. Argentina: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)
- 8.7.7. Heat Exchangers Market - Rest of Latin America
  - 8.7.7.1. Rest of Latin America: Heat Exchangers Market, by Product, 2020-2034 (USD Billion)
  - 8.7.7.2. Rest of Latin America: Heat Exchangers Market, by Material, 2020-2034 (USD Billion)
  - 8.7.7.3. Rest of Latin America: Heat Exchangers Market, by End Use, 2020-2034 (USD Billion)

9. Competitive Landscape

9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
9.2. Partnerships/Collaborations/Agreements/Exhibitions

10. Company Profiles

10.1. Alfa Laval
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
10.2. Kelvion Holding GmbH
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
10.3. SPX Corporation
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
10.4. Xylem Inc.
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
10.5. Danfoss A/S
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
10.6. API Heat Transfer Inc.
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
10.7. Guntner GmbH
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
10.8. Hamon & Cie International
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
10.9. Hindustan Dorr-Oliver Ltd.
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
10.10. Hisaka Works, Ltd.
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development